Business economics elaborates the concepts of markets, finance etc. It is a field of applied economics which analyze the business organization.
Monopoly Meaning In Economics: A monopoly market is where there is only a single seller in the market with no presence of substitutes. There are many reasons for which the firm gains monopoly power, such as: Government license ownership of resources copyright patent high starting cost These factors also become a restriction for new firms … Read more
Objective Baumol’s sales maximisation model has two important subheads revenue maximisation profit maximisation theory which together explains the idea behind maximising the sales. Therefore we will take a quick overview of the two concepts first which are as follows: Revenue maximisation Revenue maximisation refers to the maximising of sales in a business using various techniques … Read more
Overview MRTS in economics refers to the Marginal Rate of Technical Substitution which is termed as the slope of isoquant. Isoquants are defined almost the same as the indifference curve with few changes. As a result, we will take a quick look at isoquants before studying MRTS in economics in detail. Isoquants An isoquant is a level … Read more